The U.S. House of Representatives recently passed by unanimous consent H.R. 4139, the Fostering Innovation Act. If it becomes law, the bill would extend the current exemption for emerging growth companies (companies with annual gross revenues of less than $1 billion during its most recent fiscal year) from internal corporate financial control requirements of the Sarbanes-Oxley Act for an additional five years.
The bill is the result of bipartisan legislation introduced by Reps. Kyrsten Sinema (D-AZ) and Michael Fitzpatrick (R-PA).
